As 2023 draws to a close, Calgary’s housing market presents a unique landscape within the broader Canadian context. While national trends indicate a slowing economy and potential shifts in the Bank of Canada’s interest rate policy, Calgary’s housing market has shown resilience and has stayed strong over the last year.

While the national inflation rate has decreased, impacting the Bank of Canada’s rate decisions, Calgary’s housing market dynamics, influenced by local economic factors, diverge from this national narrative.

Mortgage Rates and Calgary’s Housing Market

In spite of national trends of high mortgage rates, there is an anticipation of a gradual decrease in rates, potentially affecting Calgary’s housing market. While the national mortgage rates are influenced by government bond yields, Calgary’s real estate market may respond differently to these changes. Homebuyers and investors in Calgary should keep a keen eye on these shifts, as any decrease in mortgage rates could increase market accessibility.

Loan Growth and Mortgages: A Calgary Perspective

Nationally, loan growth and mortgage originations have been tepid, but in Calgary, the scenario might be different. The city’s unique economic environment and housing demand can lead to variations in how mortgage growth and loan patterns emerge. This divergence underscores the importance for Calgary residents to focus on local data rather than national trends when considering mortgage options.

The State of Home Sales and Affordability in Calgary

While there’s been a slight improvement in national housing affordability, Calgary’s market may exhibit different trends. Local factors such as employment rates, economic growth, and regional developments play a significant role in shaping the city’s housing affordability and sales. Understanding these local nuances is crucial for those navigating the Calgary housing market.

The Buyer’s Advantage in Calgary

Unlike the national trend where the market is increasingly favoring buyers, Calgary’s real estate market might offer different opportunities and challenges. Local economic factors and housing supply dynamics play a crucial role in determining whether it’s a buyer’s or seller’s market in Calgary. Prospective buyers and sellers should consider these local dynamics when making decisions.

A Focused Approach for Calgary’s Housing Market

As the year ends, understanding Calgary’s housing market requires a nuanced approach, considering both the national economic backdrop and Calgary’s specific market conditions. For those in Calgary, staying informed about local trends, in addition to national ones, is key to making informed decisions in a complex and evolving housing landscape.